Jarrod Deaton

About Me Newsletter Speaking My Bakery Subscribe And Grow

The Wobbly Line Towards Success

When you lose in business, you don't go back to zero, you go way back into the negatives - No one ever tells you this in the beginning. It's one of the things that drives me to share insights with entrepreneurs and future founders to help them avoid common mistakes.

I've started five different businesses since 2008.

Four of them looked successful on the surface, but scratch a little, and they were fundamentally flawed.

You see, I was tied to them. I had no freedom.

Once the excitement of starting a business wore off, my reality was:

75+ hour weeks.
$35-50k salary.
No holidays.
Can't repay the money I borrowed.
All net profit poured back into the business. 

I remember always wondering - is this it?

Is this what running a business is?

Surely not...

I told myself to work harder and look for opportunities to grow. Maybe getting bigger was the key?

Turns out it was, but not how I thought... (We'll get to that bit later)

One thing I regret was trying to figure everything out for myself. Although I still value this approach, I've learned that you need to combine it with seeking out excellent advisors and mentors who can help you navigate challenges so you succeed faster.

Now, let's go back to the bit I mentioned about growing bigger...

I decided to put everything on the line and partner with people on a new project. - A huge multistory venue with different income streams.

I thought I could learn about how to run bigger businesses and have the protection of diversified revenue. I thought that with more people, we could achieve exponentially more 'success'. 

It was the right idea but the wrong environment. It was the most difficult time in my life but the project offered my biggest lessons in business because of the number of challenges we faced. 

Ultimately, I wasn't aligned with the other partners in the business. After an exhaustive year of trying to exit the business, I decided to walk away leaving the other shareholders with everything. 

My new reality was discussing bankruptcy after borrowing to get into the business, living with the thoughts of massive failure and self-doubt, and watching those around me become sucked into my dark cloud. 

It felt like someone turned the sound down on life. Like my ears were ringing continuously. 

It was the lowest point I'd ever experienced. 

After years of struggle to make progress in different businesses I'd built I was now facing a GIANT fullstop on my career.

I started to question whether I was any good at what I did.

Decision: All or nothing.

I considered hanging up my entrepreneurial boots and began interviewing at a bunch of other businesses. But it didn't feel right. I decided to give business one last go.

I negotiated to buy the old bakery equipment from the other shareholders and set out to establish a small bakery. By some miracle, I found a suitable site (an abandoned cafe) and managed to sign a one-year lease to 'test the market'... In reality, I was trying to prove to myself that I could actually do it. 

I put all the necessary bits together to form a company in two weeks using a $20k credit card. Branding, legal docs, banking, leases, software, equipment, and a quick shop fit-out.

I remember the first day we opened the doors - I didn't have enough money to start a cash till so I opted to give people free coffee for the day because we were new to the area... 

Then something remarkable happened.

Customers started leaving money on the counter. Doing their own transactions with the pile of cash sitting on the bench to make sure they supported us. By the end of the day, there was enough money there to start our trading float.

This generosity was overwhelming!

Unbeknownst to them, it further fueled my fire to make it work.

That year was a different type of hustle. Less ego, more work than ever, but the happiest I'd been in a decade. It felt right. 

I started to get some confidence back and managed to catch up on some debts. I even began to look towards the future a little and dream about the possibilities of success.

I threw out all the 5 years plans, worked my arse off to make great products, and went out of my way to share them with people. 

Thankfully, it worked. 

It was a turning point.

Now I'm sharing my journey online to help others avoid the mistakes I've made. I hope it helps you grow and become a more successful business.

But don't expect one of those gure consultants who doesn't walk the walk anymore. 

I'll be applying what I learn to my own business. Living with the consequences when it goes to shit. Celebrating the wins when they come, and reflecting on every lesson I can so I can share it with you.

I hope this helps you.

Thanks for reading.

Close

50% Complete

Thank you for putting your personal growth first. 

I added a layer of online protection by making this a two-step process. You'll receive a notification email and free guide once you confirm your subscription in the email.